The thought of sitting down to put together a will may naturally be unappealing, as people prefer to focus on enjoying life rather than contemplating what would happen to their belongings if they died. Failure to develop an estate plan, however, may mean that a person's family members in Michigan will not end up getting the assets he or she would like them to have in the future. A well-thought-out estate plan also helps to minimize stress and potential conflict among family members after one has died.
It is important to create a will or establish a trust. A will is less expensive, but a trust offers the advantage of allowing one's personal assets to be distributed to surviving loved ones with more privacy. Still, it will need to go through the process of probate in order to distribute to the parties named in the will any property that is not being held in one's trust.